i want to put it in the context of the deficit, in 2019, it was $409 billion. you have been very vocal about. this year it s projected to be $800 million. you are talking a double. next year $1.1 trillion. what the heck happened? this is under a republican congress with a republican president. well, again, congress doesn t control this particular credit commodity corporation funding. i wish we did. i certainly wouldn t vote for it. apparently the president has the .tore do this. again i have been public at disagreeing with this. the good news is that we actually have more tax revenues coming in. but that s a part of the challenge, but ultimately, well, look, months, months, year over year, tax revenues are up. if we have 2.85% economic growth, the tax relief pays for
down. he said you need to beef up production. not at all the president has beefed up american domestic oil production. that s part of the straight of this economy. it s rocketing. the summer conversion to gasoline and ethanol mix will race it s prices. one, if you encourage more production that hurts the energy sector. it s not good for business and a critical job creator in the united states. gasoline prices have come down recently. they are down to two dollars i m the nerd too. $2.85. it s down 11-cent per gallon from a month ago. this is down from a year ago.
friday when the markets closed. i ll update this again at 2:00 this afternoon. president trump repeatedly called for the lowering of crude oil pricing. for fact s sake, is that going to help americans with the cost of gas in barrel prices have more than doubled from lows in early 2016. americans are feeling the pinch at the pump. that s normal. paying $2.85 a gallon for unleaded gasoline, self-serve. almost 60 cents higher from a year ago. while it is bad news for consumers, it is good news for america s shale oil producers. fracking from rocks is a lot more expensive than conventional oil drilling, where you drill into the ground and oil comes up. crude oil prices have to be around $60 a barrel for shale operators to turn a profit. there s some differences in the number. rough average, about $60 a barrel. back when oil prices collapsed in 2015, america s oil industry ended up shaving 60,000 jobs from payrolls.
minute ago. but here is the good news. we re back at 2.85% so somebody is buying stocks and won t have a trading war that won t wreck the world and you shouldn t either. up next, how a nonprofit group is trying to move past party biased and bringing both sides to the table for meaningful conversation across this country. something we really need. thank you so much. thank you! so we re a go? yes! we got a yes! what does that mean for purchasing? purchase. let s do this. got it.
your of the health of our debt levels relative to our economy. it would have gotten to 91% if trump had done nothing. when you layer in the tax cuts and the spending increases, it goes to 99. when you assume all those are extended for the full life of them which is the way washington works, it s always extended, you get to 109% and by the way at the end of world war ii when we were rebuilding the u.s., rebuilding university, it got to 103% very briefly, came right back down again. this would be by far the highest debt-t debt-to-gdp ratio we ve ever seen and as you know the bond markets in particular in the last week or so, i don t think anybody expected congress would behave so irresponsibly, the bond markets have backed up and you can see what s happened to the ten year treasury rate which is sitting down around 2.35% for a long time, moving around calmly and took off and is now at 2.85% and as we sit here in this morning at 2.9%.